Nonprofit Issues Newsletter, December 2021
Merry Christmas from CapinCrouse
And so we know and rely on the love God has for us.
God is love. Whoever lives in love lives in God, and God in them.
– 1 John 4:16
As we celebrate Christmas with praise and gratitude, we are reminded of God’s unfailing love, and our reliance on it.
We pray that this holy Christmas season will be a time of joy, wonder, and love, and that you will be blessed with God’s power and grace as you seek to do His work throughout the coming year.
Merry Christmas from all of us at CapinCrouse!
Remind Donors About the Special Charitable Tax Benefit Available Through December 31
Now is a good time to remind your donors who do not itemize their deductions that they could receive a charitable contribution deduction of up to $600 on cash donations made to qualifying charitable organizations by the end of 2021.
According to the IRS, nearly nine in 10 taxpayers could potentially qualify for this pandemic-related benefit. Learn more.
Understanding Your Employee Benefit Plan Responsibilities Under the New Standard
If your organization sponsors a large employee benefit plan and is subject to an audit, you need to be aware of these six employee benefit plan responsibilities you have under the new auditing standard effective for years ending after December 15, 2021.
“Cybersecurity Is Never Boring”: A Conversation with Lisa Traina
Lisa Traina, Partner at CapinTech, is retiring from the firm on December 31, 2021, after an incredible career that has had a positive and far-reaching impact.
In this article, she discusses what has — and hasn’t — changed in cybersecurity over the years, insight gained as an early adopter of remote work, and what lies ahead.
How Nonprofits Can Manage Change with Financial Technology
Strong financial infrastructure is key for any nonprofit, and knowing when to change financial technology systems can be a challenging decision for organizations large and small.
These five steps can help your organization implement a new financial technology system as effectively as possible.
Don’t Miss Our Free 2021 Nonprofit Tax Year-End Review Webcast
Join us tomorrow, December 16, for our annual review of important changes taking place in exempt organization tax. We’ll discuss areas that are changing and areas that remain unchanged — all with an eye towards what 2022 will bring.
Registration is free and CPE credit is available. Learn more and register.
What To Know About the Log4j Vulnerabilities
You’ve likely heard about the Log4j vulnerabilities, which have been in the news. It is important for someone in your organization to evaluate your internal systems and take immediate action if this vulnerability is detected.
In addition to addressing the issue by applying a patch, there are several things to remember. Read more.
IRS Increases 401(k) Contribution Limits for 2022
The IRS announced that the amount individuals can contribute to 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan in 2022 has increased to $20,500. The limit was $19,500 for 2020 and 2021.
In addition, the amount individuals can contribute to their SIMPLE retirement accounts increased to $14,000, up from $13,500.
Note that the limit on annual contributions to an IRA remains unchanged at $6,000.
Additional details are available in Notice 2021-61.
Congratulations to Jenni Heeren, Servant Leader Award Winner
Jenni Heeren, who serves as a Tax Administrator on our nonprofit tax team, has received our peer-nominated CapinCrouse Servant Leader Award for living out the firm’s Vision, Mission, and Values every day.
Jenni’s professionalism and dedication contribute greatly to serving our clients well and meeting their needs, as well as to the firm’s overall mission of providing innovative service to our clients. Congratulations, Jenni!